Rupee slips 35 paisas to Rs169.03 against USD

According to data released by the State Bank of Pakistan (SBP), the Pakistani rupee slipped 35 paise to settle at Rs169.03 against the greenback on Thursday.

The data indicates that the rupee depreciated by 0.21 per cent.

The local currency has continued its downtrend since May 2021 and has depreciated by almost 11pc in the past few months.

Finance Minister Shaukat Tareen on Wednesday claimed that the reason behind the exchange rate depreciation is the increasing oil prices and the import of vehicles.

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He mentioned, “Pressures have built up owing to higher imports as oil and LNG prices increased significantly in six months, automobile imports, dollar outflows to Afghanistan instead of inflows in the past and perceptions that speculators and importers also exploited.”

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